ACCOUNTS - Final Accounts preparation


6501602STOVE SOLUTIONS LIMITED2015-04-01falsetrue2016-03-312016-03-3165016022015-04-012016-03-3165016022016-03-3165016022015-03-316501602 c:MotorVehicles 2015-04-012016-03-316501602 c:FixturesFittingsToolsEquipment 2015-04-012016-03-316501602 d:OrdinaryShareClass1 2016-03-316501602 d:OrdinaryShareClass1 2015-03-316501602 d:OrdinaryShareClass1 2015-04-012016-03-316501602 d:Director1 2015-04-012016-03-316501602 d:Director2 2015-04-012016-03-316501602 c:NetGoodwill 2015-04-012016-03-316501602 c:ProvisionsForDeferredTaxation 2015-03-31xbrli:sharesiso4217:GBP

Registered number: 6501602









STOVE SOLUTIONS LIMITED


UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

 
STOVE SOLUTIONS LIMITED
REGISTERED NUMBER: 6501602

ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016

2016
2015
Note
£
£
£
£
 
FIXED ASSETS





 
Intangible assets
 
2
48,000

54,000
 
Tangible assets
 
3
3,734
3,614







51,734

57,614
 
CURRENT ASSETS





 
Stocks
69,464
74,249

 
Debtors
15,068
16,724

 
Cash at bank and in hand
50,295
59,190







 
134,827
150,163
 
CREDITORS: amounts falling due within one year
(44,584)
(46,303)
 
NET CURRENT ASSETS

90,243

103,860
 
TOTAL ASSETS LESS CURRENT LIABILITIES
141,977
161,474
 
CREDITORS: amounts falling due after more than one year
-

(20,000)
 
PROVISIONS FOR LIABILITIES





 
Deferred tax
(747)
(723)

NET ASSETS



 141,230


 140,751
  
CAPITAL AND RESERVES

 
Called up share capital
4
100
100
 
Profit and loss account
141,130
140,651
 
SHAREHOLDERS' FUNDS
 

 141,230

 140,751


The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.


Page 1

 
STOVE SOLUTIONS LIMITED
 

ABBREVIATED BALANCE SHEET (continued)
AS AT 31 MARCH 2016

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 16 August 2016.





S J Keeble
Miss S J Tungate
Director
Director

The notes on pages 3 to 4 form part of these financial statements.

Page 2

 
STOVE SOLUTIONS LIMITED
 

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016

1.ACCOUNTING POLICIES

1.1
Basis of preparation of financial statements

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

1.3
Intangible fixed assets and amortisation

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and Loss Account over its estimated economic life.

1.4
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor vehicles
-
25% reducing balance basis
Fixtures & fittings
-
25% reducing balance basis

1.5
Operating leases

Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

1.6
Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.7
Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

Page 3

 
STOVE SOLUTIONS LIMITED
 

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016

2.INTANGIBLE FIXED ASSETS



£


Cost



At 1 April 2015 and 31 March 2016

120,000

Amortisation


At 1 April 2015
66,000

Charge for the year
6,000


At 31 March 2016

72,000




Net book value


At 31 March 2016
 48,000


At 31 March 2015

 54,000


3.TANGIBLE FIXED ASSETS



£


Cost 


At 1 April 2015
14,956

Additions
1,081

Disposals
(584)


At 31 March 2016

15,453



Depreciation


At 1 April 2015
11,342

Charge for the year
961

On disposals
(584)


At 31 March 2016

11,719




Net book value


At 31 March 2016
 3,734


At 31 March 2015

 3,614


4.SHARE CAPITAL
        2016
        2015
        £

        £

Allotted, called up and fully paid



100 Ordinary shares of £1 each
 100
 100

Page 4